ImmunityBio, Inc. reported a significant increase in net product revenue for the year ended December 31, 2025, reaching approximately $113 million, compared to $14.2 million in 2024. This substantial growth of nearly 700% was primarily driven by the commercial distribution of ANKTIVA following its FDA approval in April 2024. The company also highlighted a unit sales growth of approximately 750% between 2024 and 2025, with Q4 2025 revenue reaching $38.3 million, reflecting a 20% sequential increase and a 431% year-over-year increase. As of December 2025, ANKTIVA had secured coverage for over 240 million lives, and received a permanent J-code from CMS, effective January 1, 2025.
The company's operating costs and expenses totaled $369.3 million in 2025, a 3% increase from $358.9 million in 2024. Research and development expenses increased by 15% to $218.6 million, while selling, general, and administrative expenses decreased by 11% to $150 million. The net loss for 2025 was $351.5 million, a 15% decrease from the $413.6 million net loss in 2024. This decrease in net loss was attributed to increased revenue and a reduction in certain operating expenses, partially offset by increased interest expense related to the revenue interest liability.
Strategic developments for ImmunityBio included regulatory approvals for ANKTIVA in the UK, Saudi Arabia, and conditional marketing authorization in the EU for BCG-unresponsive NMIBC CIS with or without papillary tumors. The company also received conditional approval from the SFDA in Saudi Arabia for ANKTIVA in combination with CPIs for metastatic NSCLC. These approvals have expanded the potential market for ANKTIVA, now authorized for use in 33 countries. The company has also entered into commercial partnerships with Accord Healthcare in the EU and Cigalah Healthcare and Biopharma in the Middle East to drive commercialization of ANKTIVA in these regions.
Operational developments included the advancement of clinical-stage programs in bladder cancer, lung cancer, lymphopenia, pancreatic cancer, glioblastoma, and non-Hodgkin lymphoma. The company is also supporting an ongoing Expanded Access Program for rBCG to address U.S. supply constraints. As of December 31, 2025, ImmunityBio employed 691 employees, with 41% focused on research and development, 25% on manufacturing and quality, and 34% on selling, general, and administrative functions. The company is committed to building a diverse workplace and offers comprehensive compensation and benefits packages to attract and retain talent.
Looking ahead, ImmunityBio aims to become a leading global immunotherapy company by expanding the adoption of ANKTIVA, accelerating product candidates from its Cancer BioShield platform, and cultivating new partnerships. The company is also focused on continuously refining its pipeline based on clinical data and regulatory feedback, and leveraging its manufacturing capabilities to support the development and commercialization of its product candidates. However, the company acknowledges the need for additional financing to fund its operations and the risks associated with commercializing ANKTIVA and developing its other product candidates.
About ImmunityBio, Inc.
ImmunityBio is a biotech company developing next-generation immunotherapies that activate the body's immune system to treat cancers and infectious diseases. Its core platforms include cytokine fusion proteins, cell therapies, and vaccine vectors, aimed at creating durable immune memory and overcoming tumor immune evasion. The company focuses on immuno-oncology, including cancer vaccines and therapies that reduce reliance on high-dose chemotherapy, serving global markets with innovative, accessible treatments.
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